cpf.gov.sg Withdrawal of CPF Saving from 55 Singapore : Central Provident Fund Board
Organization : Central Provident Fund Board
Facility : Withdrawal of CPF Savings from 55
Country : Singapore
Website : https://www.cpf.gov.sg/Members
Details Here : https://www.cpf.gov.sg/member
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Withdrawal Of CPF Saving from 55 Singapore
Upon turning 55 years old, members can withdraw their CPF savings, after setting aside their Full Retirement Sum or Basic Retirement Sum with sufficient CPF property charge/pledge in their Retirement Account.
Related : Central Provident Fund Board Dependants’ Protection Scheme Singapore : www.statusin.org/40473.html
Members who turned 55 from 2013 (i.e. born in 1958 or after) also have the option to withdraw a lump sum of up to 20% of the savings in their Retirement Account from their payout eligibility age (includes the first $5,000 that can be withdrawn at 55).
Understand
What is Retirement Sum?
This is the amount of retirement savings which you have chosen to set aside in your Retirement Account to provide you with monthly payouts from your payout eligibility age, which is currently at age 65. The retirement sum applicable to different cohorts turning 55 can be found here.
Evaluate
I’m turning 55 years old soon. How can I find out more about my withdrawal?
You may attend our talks and read our CPF Retirement booklet (PDF, 1.8MB) to find out more. You will also receive a Reaching 55 package a few months before your 55th birthday, providing you with more information.
How can I receive my CPF savings when I withdraw at 55 years old?
You can choose to receive the money in any of the following ways :
** Interbank GIRO to your Singapore bank account;
** Cheque; or
** Telegraphic transfer to your overseas bank account.
When can I receive my CPF savings when I withdraw at 55 years old?
If you submit your withdrawal application at least seven working days before your 55th birthday, you will receive your CPF savings in your Singapore bank account within two working days after your birthday. You can refer to our service standards for more information.
Decide
Do I need to withdraw my CPF savings at 55 years old?
The withdrawal of your CPF savings is optional. If you do not withdraw at 55 years old, you can do so anytime later.
In addition, you need not take out the full amount at one go. For example, if you are eligible to withdraw $5,000, you can choose to make a partial withdrawal of $2,000. You can withdraw the remaining $3,000 (if available), when you need the monies.
How about the CPF used for investments and education?
If you have set aside your Full Retirement Sum or Basic Retirement Sum with sufficient CPF property charge/pledge, you can withdraw your investments under the CPF Investment Schemes (CPFIS) and Special Discounted Shares (SDS) Scheme, and waive the repayment of CPF savings used for education. Otherwise, you will need to top up your Retirement Account to meet the requirement before you can do so.
Apply
How do I apply for withdrawal?
You can apply by the following ways,
Online using My CPF
** Login with your SingPass.
** Submit an online application via My Requests.
** If you apply online, you can only request payment to be made to your POSB (excluding DBS), UOB or OCBC account or your existing bank account in our records.
** Download and fill up FORM RWD-55: Application for CPF Withdrawal for Members 55 and Above (PDF, 1.0MB) and Mail it to
Central Provident Fund Board
Retirement Withdrawals Department (55-WDL)
Robinson Road P.O. Box 3060
Singapore 905060
** If you are overseas, please enclose photocopies of your bank passbook/statement (if applicable) certified true by an official from a Singapore Overseas Mission with his official seal/stamp duly affixed.
You may wish to visit the Singapore Ministry of Foreign Affairs website to locate the Singapore Overseas Mission nearest to you. You can refer to our service standards for the processing of your withdrawal application.